Bayard Partners Join Funds
Shutting Down in Europe

LONDON -- The market's turmoil is taking a toll on hedge funds, with a slew of shutdowns in Europe in recent months.

The latest shutdown this week was well-known Bayard Partners Ltd., formerly one of the best-performing European equity hedge funds and one of the oldest hedge funds in London. Bayard's shutdown could signal more hedge-fund closures to come and consolidation in the industry later this year.